______ Is Also a Factor Because Taking Information from Apparently

question 71

Multiple Choice

______ is also a factor because taking information from apparently credible sources minimizes investigative expense.

• A)Objectivity
• B)Truth
• C)Competence
• D)Cost

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Definitions:

Cost Flow Assumption

An accounting method used to determine the cost of goods sold and ending inventory, such as FIFO, LIFO, or average cost.

Periodic

An accounting system where inventory and cost of goods sold are determined at the end of an accounting period, rather than tracked continuously.

Perpetual

A method of inventory management where updates are made continuously to reflect sales and purchases.

Merchandise Sold

This term refers to products that have been sold and are in the process of being delivered to the customer, usually recognized as revenue in retail or wholesale businesses.